Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.</li>
<li>Stocks with buy flows dropped 0.51% on average on Friday while the stocks with sell flows dropped 0.92%. On a flow weighted basis, the numbers were -0.21% vs -0.75%.</li>
<li>Since the start of November, the adds have outperformed the deletes and the <a href="https://www.smartkarma.com/entities/taiwan-stock-exchange-weighted-index" target="_blank" data-smartkarma-citation="entities:26056:1" rel="noopener">TWSE INDEX</a>. There has been significant outperformance in just the last week.</li>
</ul>


The Yuanta/P-shares Dividend Plus ETF (0056 TT) started to rebalance its holdings on Friday and will continue to do so for the next 4 trading days.
Stocks with buy flows dropped 0.51% on average on Friday while the stocks with sell flows dropped 0.92%. On a flow weighted basis, the numbers were -0.21% vs -0.75%.
Since the start of November, the adds have outperformed the deletes and the TWSE INDEX. There has been significant outperformance in just the last week.


Yuanta/​P-Shares Taiwan Div+ ETF: Day 1 Flows & Stock Moves

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.</li>
<li>Since my last insight, my index change expectations and flow expectations have changed significantly.</li>
<li>My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).</li>
</ul>


In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2024 index rebal event.
Since my last insight, my index change expectations and flow expectations have changed significantly.
My latest estimate for one-way flow in June 2024 is US$1.06bn (down from US$1.22bn a month ago).


Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walsin-lihwa-corp" target="_blank" data-smartkarma-citation="entities:17142:1" rel="noopener">Walsin Lihwa (1605 TT)</a> is looking to raise US$355m in its Taiwan GDS offering.</li>
<li>The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.</li>
<li>As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.</li>
</ul>



Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.


Walsin Lihwa Placement - Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 15th which has an aggregated short interest worth USD70.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn, Mediatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 15th which has an aggregated short interest worth USD70.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn, Mediatek.


TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

Taiwan

Walsin Lihwa Corp. manufactures and markets electric wires and cables. The Company's products include bare copper cables, power cables, and aluminum alloy transmission line conductors.  Walsin Lihwa sells its products in Taiwan and exports to Southeast Asia, Hong Kong, China, Korea, and Japan.

Walsin Lihwa (1605 TT)

Yuanta/P-Shares Taiwan Div+ ETF: Day 1 Flows & Stock Moves

The 0056 TT ETF started rebalancing on Friday and that will continue for the next 4 trading days. The adds have outperformed the deletes...

Brian Freitas

Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

I expect the Top 5 inflow names to outperform the Top 5 outflow names over the next few weeks. The base date for the June 2024 review is 27th May...

Janaghan Jeyakumar, CFA

Walsin Lihwa Placement - Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering. The firm is offering 27m GDS at a 4.8-7.8% discount to last close.

Clarence Chu

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron...

Ke Yan, CFA, FRM

Yuanta/​P-Shares Taiwan Div+ ETF: Day 1 Flows & Stock Moves

The 0056 TT ETF started rebalancing on Friday and that will continue for the next 4 trading days. The adds have outperformed the deletes...

Brian Freitas

Quiddity Leaderboard TDIV Jun 24: LONGs up 6% Vs SHORTs in a Month; Time to Update

I expect the Top 5 inflow names to outperform the Top 5 outflow names over the next few weeks. The base date for the June 2024 review is 27th May...

Janaghan Jeyakumar, CFA

Walsin Lihwa Placement - Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering. The firm is offering 27m GDS at a 4.8-7.8% discount to last close.

Clarence Chu

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron...

Ke Yan, CFA, FRM

Yuanta/P-Shares Taiwan Div+ ETF: Day 1 Flows & Stock Moves